The value of Steemit, which has now fallen 67% from it's high just over 3 weeks ago can be attributed in my opinion to the lack of wide spread acceptance of it's community to newer members or those with not much steem power. While those who hold more steem power makes sense to reward them greater because of it is all fine and dandy. I mean it is true they have more invested financially in steemit monetarily therefore their word should be taken with more credibility......however, it still is not friendly to those trying to break into the Steemit community in the long run. This leads to a demotivation to contribute regularly for the newcomers, who will keep Steemit going with their fresh passion. But sooner than later, these new possibly regular participants that may have good content to share on here, will become burnt out and decide their efforts aren't being valued and therefore they will return to facebook or reddit where the brand is already so strong and widely used and where their friends are.
The idea that we give so few of those power on here and that they dictate the future and destiny for all of us has never been a good thing in other examples in our world. Think monopolies, think dictatorships, think major media organizations in today's society how it's becoming so bi-partisan and non-objective these days, think wall street and what it's done to main street. None of these privileged and powerful few have ever done great things for the greater good. They've only done great things for themselves. I feel Steemit is currently set up to reward in this way.
While the initial excitement for me personally has left Steemit, I still have yet to power down or sell my steemit (I have 100 of them with an approximate value of $140) I invested about $400 worth of my own money. I have not given up because I still feel there may be a rebound out of this downswing. I am holding my breath though because when I see all the coders and major participants on here in this community cashing out and powering down as quickly as possible, why would they do this you ask? I personally think it is obviously part of their strategic exit strategy to profit and move onto another project . I really hope I am all wrong about this though but the trends I'm seeing are unsettling. So while I haven't thrown in the towel just yet I am struggling to wrap my mind around the long term success of this community going forward when I look at the big picture on a macro level. After all my degree is in Economics so I should know a thing or two. If anyone out there could explain to me why I am wrong I would love to hear it. Thanks for reading!